Seán Quinn Jnr has offered to sell the home he shares with wife Karen Woods in a bid to purge his contempt of court, the High Court heard this morning.

Mr Quinn was jailed for three months last July after he failed to comply with court orders to reverse steps to put international assets out of the reach of IBRC, formerly Anglo Irish Bank.

He was released from Mountjoy Prison once his term expired.

His father, bankrupt former billionaire businessman Seán Quinn, is currently in prison for being in contempt of court.

Mr Quinn Jnr's cousin Peter Darragh Quinn was also jailed for three months, but that sentence has not been executed as the businessman left the jurisdiction.

When the matter was mentioned before Ms Justice Elizabeth Dunne, the court heard that Mr Quinn was prepared to sell the home he jointly owns with Ms Woods at Alder Lodge, Farmleigh Woods, Castleknock, Dublin, and lodge the proceeds of the sale into court.

As the couple are prevented from disposing of assets it was necessary to seek the court's permission to be allowed sell the property.

In a letter from his solicitors, the court was asked to defer the marketing and sale of the property until September 2013 to allow the couple some months "to regularise their lives together".

Counsel for Mr Quinn, Martin Hayden SC, said it was hoped that the court would permit the proposed sale of his client's "family home" to be delayed "on compassionate grounds" given the traumatic events that had occurred in the couple's lives over the last two years.

Counsel added that Mr Quinn was making every effort in order to purge his contempt, including providing the bank with documentation it requires. While much has already been done more time was required by Mr Quinn's legal time, counsel added.

Shane Murphy SC for IBRC asked the court to adjourn the matter for a week so the bank could assess Mr Quinn's offer. Counsel also told the court that other issues had been raised in the letter which the bank wished to consider.

Ms Justice Dunne agreed to put the matter back to Wednesday.